EARNINGS WATCH-

United Electronics Company (eXtra)’s net income grew 11.2% y-o-y to c. SAR 94 mn in 1Q 2024, it said in a disclosure to Tadawul yesterday. Its revenues were up 9.9% y-o-y over the same period to SAR 1.6 bn on the back higher sales volume from its online sales. A 19% growth in its consumer finance portfolio also anchored eXta’s uptick in revenues, it said.

Speaking of consumer finance: The company is looking to sell via IPO as much as 30% of the company that owns and operates Tasheel, its non-bank financial services arm.

AVIATION-

Chinese carrier China Southern Airways has launched twice-weekly service to Riyadh from Beijing Daxing International Airport, with flights running Tuesdays and Saturdays, state news agency Xinhua reports. The first flight landed here yesterday.

DEBT WATCH-

The board of Nomu-listed Ladun Investment has approved the signing of a SAR 573 mn credit facility with Al Rajhi Bank, it said in a disclosure to Tadawul yesterday. The funds will be channeled towards the company’s working capital, the purchase of land in Riyadh’s Rabwa neighborhood and the construction of Ladun Tower. Some of the funds will be used as advance payments for five of its subsidiaryBuilt Industrial’s projects with the government which it said was worth SAR 1.5 bn.

INS-

Saudi EXIM signed a number of reins. treaties with global reins. firms led by the world's second biggest reins. company Swiss Re, it said in a post on X yesterday. The agreements aim to expand ins. Coverage to help drive growth of local exporters in overseas markets. No further details were provided on the treaties.

MANUFACTURING-

Tadawul-listed Zoujaj said it expects its sixth glass container production line to be completed in December this year, it said in a disclosure to Tadawul yesterday. The SAR 47 mn line will have an annual production capacity of 25k tons. It is set to generate SAR 10 mn in additional annual net income starting Q1 2025, it added. The board of the glass producer approved the new production line in November 2023.

TELECOM-

Solutions by stc has renewed a three-year SAR 140 mn VMware license contract with parent company stc, it said in a filing to Tadawul.

Tags: